The proposed AU$1.20 ($0.80)-per-share acquisition of PointsBet by Japan’s MIXI has taken a key step forward, with the Federal Court of Australia approving the distribution of a supplementary scheme booklet ahead of a crucial shareholder vote later this month.
The transaction, set to be carried out through MIXI’s wholly owned subsidiary MIXI Australia Pty Ltd, would see the Japanese firm acquire all outstanding shares in the ASX-listed sportsbook operator through a scheme of arrangement.
In a statement to the ASX on Tuesday, PointsBet said the Supplementary Scheme Booklet will be made available via the ASX market announcements platform and contains updates on developments since the original scheme document was issued on May 8th.
‘These include the improved scheme consideration, the competing Takeover Offer, and the rejection of the Betr proposal,’ the company said, referring to disclosures previously made on June 3rd and June 16th.
PointsBet urged shareholders to read both the original and supplementary booklets before casting their votes. ‘It is important that shareholders understand the implications of the scheme and the alternatives that have been presented,’ the company added.
The dispatch adds that independent Expert, Grant Samuel & Associates Pty Limited, reaffirmed its view that the scheme is ‘fair and reasonable and therefore in the best interests of PointsBet shareholders, in the absence of a superior proposal.’
The scheme meeting has been scheduled for 9:00 a.m. (Melbourne time) on June 25th, 2025. It will be held both online and in person at the offices of Baker McKenzie in Melbourne.
Previously, PointsBet’s board unanimously decided to reject a takeover proposal lodged by Betr Entertainment Ltd.
